Cost & Coverage
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Homeowners insurance financially protects you if something bad happens to your home. It also covers your personal belongings, the cost of hotel stays if your home is too damaged to reside in, and legal expenses if you’re sued because of an accident.
Although homeowners insurance isn’t required by law like auto insurance is, most mortgage lenders will require that you keep the home insured throughout the duration of your mortgage term.
Decide how much coverage you’ll need to protect your belongings and your liability.
Once you’ve got your policy and all available discounts, you’ll pay your premium monthly or annually.
If your home or belongings are damaged by an event outlined in your policy, the insurance company will pay out to fix or replace them.
Homeowners insurance protects your home from the perils detailed in your policy, which typically include fire, wind, hail, theft, vandalism, and water damage from burst pipes.
Homeowners insurance coverage is broken into several types that serve a specific purpose and have their own coverage limits.
Protects against damage to your home itself, like the structure or roof. This should be equal to the rebuild cost of your home.
Protects against damage to detached structures like your garage, pool, fence, or mailbox.
Reimburses you if your personal belongings (furniture, electronics, kitchenware, etc) are damaged or stolen.
Covers costs like temporary lodging and eating out if your home becomes unlivable.
Reimburses you if you’re sued for accidental injury or property damage to others (think dog bites).
Covers the costs of minor injuries if someone who isn’t a resident of your home is injured on your property.
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According to a 2019 report released by National Association of Insurance Commissioners (NAIC), the average homeowners insurance premium was $1,211 annually (around $100 a month).
Your cost will depend on different factors, but the coverage amount is a good place to start. Here’s the average annual premium for different levels of dwelling coverage.
|Coverage amount||Annual premium||Per-month average premium|
|$100,000 to $200,000||$936 / year||$78.00 / month|
|$200,000 to $300,000||$1,092 / year||$91.00 / month|
|$300,000 to $400,000||$1,252 / year||$104.33 / month|
|$400,000 to $500,000||$1,467 / year||$122.25 / month|
|$500,000 and over||$2,149 / year||$179.00 / month|
How long your home’s been around, where it’s located, and which materials it's made from will affect how much you'll pay to insure it.
Rates are directly tied to the amount of protection in your policy. The higher and more robust your coverage, the higher your insurance premiums will be.
Homeowners with poor credit are statistically more likely to file insurance claims, so it is a red flag for insurance companies.
If you’ve filed multiple insurance claims in the past, and/or your home has a history of structural damage and loss, your insurance premiums will probably be higher.
Policygenius is a licensed insurance marketplace staffed by salaried agents. While we do earn a commission from insurance companies for policies we sell, no company pays us for preferential treatment, and we never tack on additional fees. That means you can trust that our advice is based only on your best interests.
Check with your insurance company to see what you can do to trim your current insurance premium. One way is to simply raise your deductible
But many insurance companies offer a plethora of additional discounts, including:
Multi-policy discount - Bundle two or more insurance policies, like home and auto, with the same company to save as much as 20% on coverage.
Protective devices discount - If your home has deadbolts, storm-resistant roofing, and centralized fire and burglar alarms, you’ll be eligible for a protective devices discount.
Claim-free discount - Many insurers will trim your insurance rates if you haven’t filed a claim in the last 3 to 5 years.
Loyalty discount - Expect a hefty policy discount if you’ve been insured with the same company for 5 years or longer.
First-time homebuyer discount - Most insurance companies will offer discounts if you’re insuring a new home or if you recently purchased a home.
Whether you’re insuring your first home or you're a current homeowner re-shopping for lower rates, buying home insurance is simple.
In fact, you can do it in just six steps. Here’s how it works:
You'll need to provide details about your home and living situation in order to get quotes. Re-shopping your policy? Have your current declarations page handy to make the process smoother.
You should have enough coverage to fully replace your home (known as the replacement cost). You may also need flood or earthquake coverage. We'll recommend an amount when you apply.
Apply online in under five minutes. We'll send personalized side-by-side policy options directly to your inbox.
A Policygenius expert will help you compare policies and discounts across companies to find the right coverage amount for the right price. We'll handle the paperwork for you - for free.
Your insurance company will typically send someone to perform a home inspection to make sure everything is in order.
Once all the boxes are checked, you'll sign on that dotted line, pay your first premium, and relish the comfort of knowing that you and your stuff are covered.
There's a lot that goes into choosing an insurance company, from coverage options to discounts to online tools. The key is finding one that best fits your situation.
So which insurance company will offer you the most affordable option for the coverage you need? We’ve done the heavy lifting and reviewed the best homeowners insurance companies in America:
Homeowners insurance costs, on average, around $100 a month, or around $1,200 a year. Your cost will depend on a number of factors like where you live, the construction of your house, your deductible, and more. Discounts are a common way to make your policy more affordable.
There are several ways to make your home insurance more affordable. Be on the lookout for discounts from your company, like multi-policy discounts, first-time homebuyer discounts, and claim-free discounts. You can raise your deductible, but beware that this means you'll pay more out of pocket before the carrier pays out a claim. Most importantly, compare multiple companies while you're shopping to make sure you're getting the right coverage for the right price.
There's no one-size-fits-all home insurance company for anyone. You'll want to find a company that offers policies in your state, and choose the one that offers the coverage you need at the most affordable cost. Look for companies that offer discounts, like bundling your home and auto insurance. Comparing companies before you buy is the best way to arrive at the right choice.
Your homeowners policy consists of different types of protection, like dwelling, personal property, and medical payments coverage. Your home insurance protects your property from perils listed in your policy, including fire, wind, and theft.
Homeowners insurance coverage needs depend on your specific house. In general, your coverage amounts should be high enough to cover your home’s rebuild cost, the monetary value of your personal belongings, and your combined assets. If you need flood or earthquake coverage, you'll need to buy those separately.
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Yes, we have to include some legalese down here. Policygenius Inc. (DBA Policygenius Insurance Services in California) (“Policygenius”), a Delaware corporation, is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application.
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